AccountsIQ Raises $65 Million for Next Generation Financial Software

AccountsIQ has raised $65 million to improve bookkeeping through the use of artificial intelligence. Despite the fact that the European economy is in a precarious position, there is a glimmer of hope for business startups: those who are developing solutions that assist companies in managing their money in a manner that is more consistent and predictable are experiencing strong growth.

AccountsIQ, an accounting technology company that was founded in Dublin, has recently raised €60 million, which is equivalent to approximately $65 million, in order to construct "the finance function of the future" for mid-sized businesses. This "future finance function" will consist of cloud-based, automated services that are enhanced by artificial intelligence to assist accounting departments in working more efficiently and intelligently.

AccountsIQ, which has been in operation (mainly through bootstrapping) for close to twenty years, was established by accountants who recognized an opportunity to develop the tools that they themselves desired. When it comes to expansion, they have been economically responsible, which is something that you could anticipate given their pedigree.

Prior to this investment, AccountsIQ had acquired approximately 1,000 customers, encompassing 10,000 "entities" (many activities for single organizations), and 20,000 users. Furthermore, the company had received only €12.7 million in capital from outside sources. Darren Cran, the Chief Operating Officer of the company, stated in an interview that the compound annual growth rate (CAGR) of the company has remained consistent at thirty percent on an annual basis for the past few years.